US Stocks Rise Slightly As Market Tries to Build on Recent Rally

Tiger Newspress2023-12-19

US Stocks were slightly higher Tuesday as the market tried to extend its recent rally.

The Dow Jones Industrial Average rose 43 points, or 0.1%. The S&P 500 gained 0.2%, and the Nasdaq Composite advanced 0.3%.

Stocks are coming off a winning session. The S&P 500 added 0.45%, putting it 1.2% away from its all-time closing high reached in January 2022. The tech-heavy Nasdaq Composite gained 0.6%, while the 30-stock Dow rose marginally.

Equities have hit rally mode as of late, with last week’s indication of three likely interest rate cuts from the Federal Reserve in 2024 providing another catalyst for the market. Signs of cooling inflation and a pullback in Treasury yields have also helped risk assets.

“Markets are celebrating right now, not only disinflation, but the soft landing scenario,” Emily Roland, co-chief investment strategist at John Hancock Investment Management said. “The Fed had indicated that they feel that we’re landing on soft landing island here, and we’re seeing risk assets participating across the board.”

All three major averages on pace to finish December with gains. The S&P 500 is up nearly 4% for the month and coming off its longest weekly winning streak since 2017. The Nasdaq and Dow are up 5.1% and 3.9%, respectively.

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